Manama: Ali bin Saleh Al Saleh, Chairman of the Shura Council, welcomed the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, issued during the Cabinet meeting. These included taking the necessary legal steps to submit a draft law to pay April salaries of Bahrainis working in private companies through the Unemployment Insurance Fund, to support the private sector, protect national jobs, and sustain the economy. He also noted the directive to the Central Bank of Bahrain (CBB) to launch a programme to defer loans and provide liquidity support measures for the economy and financial sector.
According to Bahrain News Agency, Chairman Al Saleh commended these proactive steps, noting that they reflect the approach of His Majesty King Hamad bin Isa Al Khalifa in supporting citizens, protecting their livelihoods, and easing the financial impact caused by recent events. He said the measures show strong national unity between the leadership and the people in facing challenges.
The Shura Chairman confirmed the Shura Council's support for the initiative and its readiness to prioritise discussion of the draft law once submitted. He highlighted the expected benefits, including deferring loan and credit card repayments for individuals and companies for three months, covering about BHD 11.3 billion, and providing unlimited liquidity to banks for six months against eligible guarantees, currently around BHD 7 billion. Other measures include extending repo operations to three months, reducing the reserve requirement from 5% to 3.5%, and lowering liquidity coverage and net stable funding ratios from 100% to 80%, helping inject more liquidity into the economy.
He added that the Council supports any steps that help secure a decent standard of living for citizens and enable them to manage economic challenges while continuing development.
Chairman Al Saleh stressed that citizens' wellbeing remains a top national priority, and that cooperation, public awareness, and unity will help the Kingdom of Bahrain overcome current challenges and move towards a more stable and prosperous future.